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If you think the price of oil can’t go any higher, you could be disappointed. On Monday, oil shot up towards a $140 a barrel, a record, before settling the day at $134 a barrel.
Even word that Saudi Arabia would increase production wasn’t enough to keep oil from ratcheting higher. And even though it ended well off its high of the day, we’re still above $130 a barrel, with predictions it could hit $150 by year end, and eventually move to $200 a barrel.
I don’t think that’s a worry for the oil producers right now. The bigger worry is their inability to keep prices from rising, and the political pressures that brings. That’s what’s triggering the upcoming meeting, the Saudis have to appear like they are doing something.
The problem is, the market has moved beyond their ability to control it.
Tell me what you think.
Originally posted by Karlhungis
Just posted one. Looks like I was first. Wel'l see how it goes.